Do you subscribe to the belief that all home improvement projects equate to a decrease in your bank account? On the contrary, by strategically choosing which improvements to tackle, you can increase your home’s value and yield a better ROI.
As home values rise, investing in residential upgrades and remodels have also shown substantial growth. However, not all home improvements are equal; for example, adding a swimming pool probably won’t increase your home’s value enough to give you as good of a return on investment as you may have been hoping.
“A 2018 Homeowner Protection Survey by Chubb, which queried more than 1,200 U.S. homeowners about their approach to property, found that 58% of homeowners will “definitely” or “probably” undergo a home renovation or improvement project over the next 12 months. Of those who plan to do so, 65% plan to spend at least $10,000, with 20% budgeting between $10,000-40,000 and 15% spending more than that.” - Forbes
On the flip side, there are several improvements that can give your home a fresh look AND add value without breaking your budget.
4 Tips to Improve Your Home and Increase its Value!
You don’t have to go to extravagant lengths to increase your home’s value; just try one (or all!) of these budget friendly home improvement tips.
1. Increase the livable square footage
Are you maximizing your property’s square footage? By converting unused square footage into livable spaces, such as building a deck out back, you’re increasing your home’s value. Here are additional ideas for you to consider:
- Remodel your basement to a recreational oasis with a large screen TV or projector, cozy cushions, and a bar. Add a pool, foosball, ping pong table, or dart board for the ultimate entertainment room.
- Convert your attic into a bedroom. By increasing the number of bedrooms in your home, you increase its value and make it much more marketable.
2. Make the kitchen and bath more accessible and up-to-date
Making minor adjustments, such as widening entryways or adding railing in the shower, can boost the value of your home, and even better for you if you decide never to sell it.
Another way you can bolster your home’s value and get about an 80% ROI, is by updating your kitchen cabinets, countertops and sink.
Don’t forget about the master bathroom! Master suites are gaining more popularity as the retreat room among homeowners, so you’ll want to make sure that the connecting bathroom is just as relaxing as the bedroom.
3. Attract from the outside in
The saying “never judge a book by its cover” doesn’t apply to homes! Increase the value of your home by enhancing visitors’ and potential buyers’ first impressions, starting from the outside in, by updating your landscaping and updating your front door with a secure, sophisticated, impact glass installation. Then, work on neutralizing your interior color scheme so other people can get creative with their vision for their future home.
4. Save on energy bills
Aesthetics isn’t the only area of improvement that helps to bolster your home’s value--energy performance does too. Update the insulation in your attic since that’s where most heat escapes and penetrates through your home, affecting your thermostat which can spike your energy bills.
Another way you can improve your home’s overall energy efficiency and value is by replacing your windows. Below are a few statistics to show you just how much energy savings window replacements can yield.
“Replacing old windows with newer, energy-efficient ones can save you anywhere from $25 to $450 a year in heating and cooling costs, according to the government’s Energy Star program.” - Time.com
“Replacing old, drafty double-hung windows with today’s versions that have double or triple panes, low-e coatings, and argon gas, or even opting for easy-to-open casements, offers an approximate 73 percent return on material-and-installation costs.” - Bob Vila
Ready to Improve Your Home and Its Value?
You don’t have to break the bank to improve your home and its value. By updating little things, such as your front door, kitchen cabinetry and color schemes, you are easily bolstering your home’s value and your return on investment.
If you’re ready to improve your home and its value with energy saving window and door installations, click here to learn more and browse some options.
